A Home Insurance Update
You may be looking for ways to improve your home. Perhaps you want to upgrade your kitchen, replace a leaky roof, or add on that sunroom you have always wanted. Before you get started, however, you'll want to know how that remodeling project can affect your insurance needs.
Update Your Homeowner’s Insurance
Whether you're updating your kitchen or adding on another room, a remodeling project will likely add value to your home. As a result, you'll want to check the property coverage limits on your homeowner’s policy to make sure that they reflect any changes you make to your home, no matter how small or large the improvements may be. Conversely, some upgrades may trigger lower premiums savings you do not want to miss, simply because you did not call your agent.
If you are adding an addition to your house, you will want the addition specifically mentioned in your policy. If it is not, your insurance company may not provide coverage for damages that occur to the new room. On the other hand, if you are just replacing your deck with the same materials, you most likely will not have any increase in your home value.
If you hire someone to do the remodeling, you'll want to make sure that he or she is properly insured. Any contractor that you hire should have a certificate of coverage for both workers' compensation and contractor's liability insurance.
Workers' compensation coverage protects you from liability claims that can result from a contractor (or their employees) getting hurt on the job. Contractor's liability insurance provides coverage for damages to your property caused by the contractor during remodeling.
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